Streamwide: 25% Growth, 24% Net Margin, the AT&T Bet in Focus

Significant Milestone Achieved in 2025

Streamwide reached a significant milestone in 2025. Its annual revenue amounted to 26.3 million euros, an increase of 5.3 million euros (+25%) compared to the previous year. The 'team on mission' and 'team on the run' activities, the group's flagship solutions, recorded a spectacular acceleration with revenues up by 36% to 19.9 million euros, now representing 76% of the total activity. The operating profit before depreciation (EBITDA) stood at 15.7 million euros (+32%), generating a remarkable margin of 60%. The current operating profit (EBIT) increased by 36% to 7.8 million euros, while the net result reached 6.3 million euros (+33%), representing a net margin of 24%. This progress is all the more remarkable as Streamwide heavily invested: the net payroll increased by 8% (+0.6 million euros) with the addition of 26 additional employees (251 in total at the end of 2025), additional infrastructure expenses of 0.3 million euros to support three new data centers in North America, and exceptional bonuses of 0.7 million euros paid to all employees following the signing of the AT&T contract.

Strategic Transformation Initiated in 2025

The group began a strategic transformation in 2025 that goes beyond mere organic growth. Internationalization is accelerating: revenues generated outside of France now represent 39% of the activity, up from 31% a year earlier. More structurally, Streamwide recorded 1.4 million euros of SaaS recurring revenues in 2025 from the AT&T-FirstNet project alone, demonstrating the launch of a higher value-added business model. This engagement with AT&T, a global leader in telecommunications and a major player in public safety in the United States, validates the technological relevance of Streamwide's solutions and its ability to execute complex, large-volume projects. The group's gross cash also improved, reaching 20.7 million euros (+5.8 million euros) and equity progressed to 32 million euros. Operational cash flows strengthened significantly (+8.4 million euros to 19.3 million euros), generating a net cash of 13.9 million euros, an increase of 7.1 million euros. These figures reflect an operational machine that generates cash despite considerable investments: 8.9 million euros net were dedicated to product development in 2025, 2.4 million more than in 2024.

2025 Results Demonstrate Leverage Effect of a Software Publisher Meeting Its Market

The 2025 results of Streamwide materialize the leverage effect of a software publisher that has 'met its market.' However, this successful trajectory includes a critical variable: the commercial launch of AT&T-FirstNet's Fusion solution, scheduled for the second quarter of 2026. Currently, the solution is in the testing and validation phase with about thirty American agencies. The group explicitly acknowledges that 'the coming months will be important to understand the user appetite for this new solution as well as the commercial performance of the AT&T distributor.' SaaS revenues, described as 'an important development' in the coming years, are identified as the engine of future growth. Concurrently, other opportunities are emerging in Asia-Pacific and in sectors such as defense, transport, and energy, but they are subject to long decision-making cycles. The group's exposure to AI disruptions remains controlled according to management, due to the technically complex and secure nature of its solutions. Streamwide thus displays a strengthened financial structure and sustained commercial dynamics, but the group is going through a period where future valuation significantly depends on the successful execution of the AT&T deployment in the coming months.